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the active oversight of management decisions, corporate strategy and financial reporting by boards of directors
responsibilities include: overseeing decisions on hiring, firing and compensating senior executives, assesing strategies and their implementation, and verifying financial records |
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the worldwide interdependence of resource flows, product markets and business competition.
In the global economy, businesses sell goods and services to customers around the world. They also search the world to buy the things they need for the lowest price |
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involves contracting for work that is performed by workers in other countries .
the firms save money and gain efficiency by manufacturing things and getting jobs done in countries with lower costs of labor |
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| the shifting of jobs from one country to another. occurs when global outsourcing shifts from one country to another |
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| set moral standards of what is good and right behavior |
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| describes the composition of a workforce in terms of differences among the members such as gender, age, race, ethnicity, religion, sexual orientation and able bodiness |
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| an invisible barrier limiting career advancement of women and minorities. occurs when an invisible barrier or "ceiling" prevents members of diverse populations from advancing to high levels of responsibility in organizations |
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| the display of negative, irrational attitudes toward women or minorities. |
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| actively denies women and minorities the full benefits of organizational membership |
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| the collective brainpower or shared knowledge of a workforce |
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| use their minds and intellects as critical assets to employers |
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| people change jobs more often and many work on independent contracts with a shifting mix of employers |
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operates with a core group of full time long term workers supported by others who work on contracts and part time
full time core workers
Independent Contractors part time temporaries
The Shamrock Organization |
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| ability to understand oneself, exercise initiative, accept responsibility and learn from experience. realistically assessing yourself and actively managing your personal development. |
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a collection of people working together in a division of labor to achieve a common purpose
this applies to virtually all social institutions- banks, hospitals, large and small businesses, multinational corporations, government agencies, churches, voluntary associations |
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| its reason for existence as a social institution. is usually to provide society with useful goods or services |
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transforms resource inputs from the environment into product outputs, a continuous input-transformation-output cycle
they interact with their environments to obtain resources e.g. people, technology, information, money and supplies that are transformed through work activities into goods and services for their customers and clients |
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| customer driven organizations |
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| focus their resources, energies, and goals on satisfying the needs of customers |
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a sequence of activities through which organizations transform inputs into outputs
1. resources acquired from environment
2. resources received and organized for use
3. people and technology create goods and services
4. goods and services distributed as final products
5. customers and clients are served |
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| the quantity and quality of work performance with resource utilization considered |
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an input measure of resource cost associated with goal accomplishment
a common efficiency measure is cost of labor, others include equipment utilization, facilities maintenance and supplies or materials expenses. |
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| performance effectiveness |
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| an output measure of task or goal accomplishment. it indicates the extent to which things are done right, ideally in terms of both quantity and quality of work performed |
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| a person who supports and is responsible for the work of others. directly supervise, support, and help activate work efforts to achieve the performance goals of individuals, teams, or even an organization as a whole. |
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supervise people who perform non-managerial duties
ex: department head, supervisor, team leader |
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oversee the work of large departments or divisions
ex: division manager, regional manager, plant manager, branch manager |
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guide the performance of the organization as a whole or of one of its major parts
ex: chief executive officer, president, vice president |
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| elected by stockholders to represent their ownership interests. in a non-profit organization such as a hospital or university, top managers report to a board of trustees usually elected by local citizens or appointed by government bodies |
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| the requirement to show performance results to a supervisor or higher authority |
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| successfully helps others achieve high performance and satisfaction in their work |
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| the overall quality of human experiences in the workplace |
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| the planning, organizing, leading and controlling the use of resources to accomplish performance goals |
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| the process of setting objectives and determining what should be done to accomplish them |
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| the process of assigning tasks, allocating resources, and coordinating work activities |
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| the process of arousing enthusiasm and inspiring efforts to achieve goals |
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| the process of measuring performance and taking action to ensure desired results |
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the ability to use expertise to perform a task with proficiency
accountants, engineers, market researchers, financial planners and systems analysts |
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| the ability to work well in cooperation with other people, foundation for managerial success |
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| the ability to manage ourselves and our relationships effectively |
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| ability to think analytically and solve complex problems |
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| the process of continuously learning from our daily experiences and opportunities |
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emphasizes careful selection and training of workers and supervisory support
four principles of scientific management:
1. develop a "science" for each job-rules of motion, standard work tools, proper work conditions
2. hire workers with the right abilities for the job
3. train and motivate workers to do their jobs according to the science
4. support workers by planning and assisting their work by the job science |
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a rational and efficient form of organization founded on logic, order and legitimate authority
characteristics of an ideal bureaucracy:
clear division of labor: jobs are well defined and workers become highly skilled at performing them
clear hierarchy of authority: authority and responsibility are well defined and each position reports to a higher-level one
formal rules and procedures: written guidelines describe expected behavior and decisions in jobs; written files are kept for historical record
impersonality: rules and procedures are impartially and uniformly applied; no one gets preferential treatment
careers based on merit: workers are selected and promoted on ability and performance; managers are career employees of the organization |
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| the tendency of persons singled out for special attention to perform as expected |
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| a collection of interrelated parts working together for a purpose |
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| a smaller component of a larger system |
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| tries to match management practices with situational demands |
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| continuously changes and improves, using lessons of experience |
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| a comprehensive plan guiding resource allocation to achieve long term organization goals |
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| focuses organizational energies on achieving a compelling goal |
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means operating in successful ways that are difficult to imitate
ex: Wal-Mart saves costs through highly efficient supply chain management. this is made possible by a competitive advangtage in information technology utilization. |
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sets long term direction for the total enterprise. provides direction and guides resource allocations for the organization as a whole.
strategic question: what industries and markets should we compete? |
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identifies how a division or strategic business unit will compete in its product or service domain. strategic intent for a single business unit or product line.
strategic question: how are we going to compete for customers within this industry and in this market? |
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guides activities within one specific area of operations. guides activities to implement higher level business and corporate strategies
strategic question: how can we best utilize resources within the function to support implementation of the business strategy? |
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| involves expansion of the organizations current operations. increase the size and scope of current operations. |
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| growth through expansion within an existing business area on which the firm has experience and presumably expertise |
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expansion occurs by entering new business areas. there is more risk to diversification because the firm may be moving outside its existing areas of competency.
one way to moderate the risk is to grow through related diversification expanding into similar or complimentary new business areas. ex: pepsi co purchasing tropicana |
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| growth by acquiring suppliers or distributors |
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| changes operations to correct weaknesses |
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| where a business closes and sells its assets to pay creditors |
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| reduces the scale or mix of operations. the goals of restructuring are to cut costs and gain short term efficiencies as well as buy time to develop new strategies to improve future success. |
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| decreases the size of operations and reducing the workforce. research has shown that downsizing is more successful when cutbacks are done selectively in ways that focus on key performance objectives |
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| sells off parts of the organization to refocus attention on core business areas, cutting costs and improving operating efficiency |
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adopts standardized products and advertising for use worldwide
multi domestic strategy: try to customize products and advertising to fit local cultures and needs. Bristol Myers, Procter and Gamble, and Unilever all vary their products according to consumer preferences in different countries and cultures
transnational strategy: seeks a balance between efficiencies in global operations and responsiveness to local markets. you should recall that a transnational firm tries to operate without a strong national identity, hoping to blend instead with the global economy. firms try to fully utilize business resources and tap customer markets worldwide. |
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| strategically uses the internet to gain competitive advantage |
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| uses IT and web portals to link organizations vertically in supply chains |
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| uses IT and web portals to link businesses and customers |
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| the process of formulating and implementing strategies to accomplish long term goals and sustain competitive advantage |
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| the process of creating strategies. it involves assessing the organization and environment to plan new strategies to deliver future competitive advantage |
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| the process of putting strategies into action. it involves leading and activating the entire organization to put strategies to work |
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| the organizations reason for existence in society. describes the purpose of an organization, its reason for existence in society, the best organizations have clear missions that communicate a sense of direction and motivate members to work hard in their behalf |
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| are specific results that organizations try to accomplish |
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| examines organizational strengths, weaknesses, opportunities, and threats . this examination an be portrayed in a straightforward and very useful planning matrix |
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| special strength that gives an organization a competitive advantage |
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| offers products that are unique and different from the competition . the strategic objective is to attract customers who stay loyal to the firms products and lose interest in its competitors |
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| seeks to operate with lower costs than competitors |
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| focused differentiation strategy |
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| offers a unique product to a special market segment |
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| focused cost leadership strategy |
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| seeks the lowest costs of operations within a special market segment |
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| inspires people to implement organizational strategies, successfully engage in a process of continuous change, performance enhancement, and implementation of organizational strategies |
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| arranges people and resources to work toward a goal |
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| a system of tasks, reporting relationships and communication linkages |
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| describes the arrangement of work positions within an organization. a typical chart identifies major job titles and shows the hierarchy of authority and communication that links them together |
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| people and groups performing different jobs, ideally ones for which they are well skilled. it should also indicate how the various parts are linked together so that everyones work contributes to a common purpose |
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| the official structure of the organization |
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| the set of unofficial relationships among an organizations members |
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| the process of grouping together people and jobs into work units |
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| groups together people with similar skills who perform similar tasks |
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| functional chimneys problem |
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| a lack of communication and coordination across functions |
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| groups together people working on the same product, in the same area, or with similar customers |
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| groups together people and jobs working on a single product or service |
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| groups together people and jobs performed in the same location |
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| groups together people and jobs that serve the same customers or clients |
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| combines functional and divisional approaches to emphasize project or program teams |
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| brings together members from different functional departments |
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| uses permanent and temporary cross functional teams to improve lateral relations |
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| uses IT link with networks of outside suppliers and service contractors |
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| organizations join together in partnership to pursue an area of mutual interest |
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| uses information technologies to operate as a shifting network of alliances |
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